(1) A member of the Board of the Authority has the same fiduciary relationship with the Authority and the same duties to act with loyalty and in good faith as a director of a company incorporated under the Companies Act, 1963, (Act 179).

(2) A member of the Board of the Authority has a duty

(a) to act honestly in the performance of the member's functions;

 (b) to exercise the degree of care and diligence in the performance of the member's functions that a reasonable person in that position would reasonably be expected to exercise in the circumstances of the Authority;

(c) to avoid making improper use of information acquired by virtue of the member's position as a member of the Board so as to gain, directly or indirectly, a benefit for the member or be to the detriment of the Authority; and

(d) not to make improper use of the member's position so as to gain, directly or indirectly, a benefit for the member or for any other person or cause loss to the Authority.

(3) A member of the Board who contravenes subsections (1) or (2) commits an offence and is liable on summary conviction to a fine of not more than two hundred and fifty penalty units.

(4) Where a court of competent jurisdiction determines that the Authority has suffered loss or damage as a consequence of the act or omission of a member, the court may, in addition to imposing a fine, order the convicted member to pay a sum of money to the Authority as compensation.